Mount Burgess Mining chairman tops up shareholding

Mount Burgess Mining (ASX: MTB) chairman Nigel Forrester bought 270,000 shares on-market at A$0.005 per share on November 29.

The shares were bought for a consideration of $1,438 and Forrester now holds 18.1 million shares.

Mount Burgess is currently renewing its focus on base metals exploration in Africa.

The company is undertaking a capital raising to generate $219,000 in funds for ongoing exploration at the company's Tsumkwe Base Metals Project in Namibia and the Kihabe-Nxuu Project in Botswana.


Tsumkwe Base Metals Project

Mount Burgess plans to conduct further exploration at a recently discovered iron/magnetite target at its Tsumkwe Base Metals Project.

The company recently received XRF analytical results containing up to 61.79% iron from two drill holes drilled into a strong magnetic high anomaly.


Kihabe-Nxuu Project

At the Kihabe-Nxuu zinc/lead/silver project in Botswana, assays from close-spaced geochemical soil sampling have generated five significant zinc/lead soil geochemical anomalies and one significant copper/cobalt soil geochemical anomaly.

Significantly, these anomolies have potential to increase the company’s resource base.

The project has vast potential, with the company previously eyeing development into a mining operation.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22797/mount-burgess-mining-chairman-tops-up-shareholding-22797.html